Inditex (ITX) published on Wednesday its results for the first half of the 2022 fiscal year (since February 1 to July 31) with sales, EBITDA and net profit reaching record highs. Net profit for the period increased 41% to 1.794 billion. Revenues amounted to 14.845 bn (+24.5%). Sales at constant exchange rates grew by 25%. The company underlined that sales were positive in all geographic areas. The consolidated result (Ebitda)…
Christian Nolting (Deutsche Bank) | The yield on 10-year U.S. Treasuries peaked in mid-June, then fell sharply in July before rising again in August. The decline for Treasuries with shorter maturities was less pronounced in July, causing the yield curve to invert, which many investors regard as a precursor to recession. We forecast that the U.S. economy will enter a mild recession in H1 2023. Whereas growth concerns have been…
Ifo | Extending the operating lives of Germany’s three nuclear power plants would reduce the German electricity price by 4 percent next year, according to calculations by the ifo Institute. The nuclear power plants would generate about 4 percent of Germany’s electricity. However, the share of natural gas in power generation would drop only from 8.3 percent to 7.6 percent. “This is because nuclear power isn’t a 1:1 replacement for…
The INE confirmed yesterday that inflation continues to run rampant: it closed August at 10.5% year-on-year, its highest rate in 38 years. Although this figure is three tenths of a percentage point lower than in July, it is one tenth of a percentage point higher than the figure at the end of last month and is the result of both the rise in electricity prices, which continues despite the cap…
And the good performance of revenues has led the government as a whole to reduce its deficit up to July to 29,643 million euros, 45.4% less than in the same period of 2021 and equivalent to 2.27% of GDP.Total revenue from taxes and contributions is close to 120 billion, which added to the rest of non-financial resources – property income, sale of goods and services and other non-financial resources –…
The Second Vice-President of the Government, Yolanda Díaz, plans to meet this Monday with the distribution sector to ask them to limit the prices of certain products in the shopping basket. Díaz will thus put pressure on the sector to “contribute through its business margins to an affordable and quality basket”. But on Friday, the National Commission for Markets and Competition (CNMC) advised against this measure, which is “expressly prohibited”…
ifo President Clemens Fuest has welcomed the European Central Bank’s decision to raise interest rates. “Better late than never,” he said in Berlin on Thursday. “The 0.75 percent increase is a step in the right direction. Nevertheless, monetary policy remains very expansionary. Over the coming months, further interest rate increases will have to follow. Interest rates are still very low, and private households’ inflation expectations are constantly climbing higher. The…
The number of insolvencies increases after the end of the moratorium approved to mitigate the effects of Covid-19. Insolvency proceedings soared to 45% in August, according to Axesor. During the eighth month of the year, 229 insolvencies were declared, 44.94% more than in the same month of 2021. Thus, in the cumulative figure for the year the number of proceedings totals 3,845, up 3.39% year-on-year, according to Axesor’s Business Radar…
According to a report by the Bank for International Settlements, global real house prices increased by 4.6% year on year in aggregate in the first quarter of 2022. This strong growth in real terms reflected a surge (+11.2%) in nominal terms – the first double-digit one recorded since the eve of the Great Financial Crisis – partly offset by the acceleration in consumer price indices. Real house price developments continued…
EIG, a U.S. institutional investor in the global energy and infrastructure sectors, will acquire 25% of the upstream business for $4.8 billion (€4.8 billion). This transaction, approved by the Board of Directors of Repsol, values the upstream business at $19 billion (€19 billion), which exceeds analysts’ consensus valuations of the unit. The agreement between Repsol and EIG includes the possibility of listing a minority stake of the business in the…